Zhejiang Xinneng Photovoltaic Technology Co Ltd

Xinneng Technology released its 2026 interim report. Total operating revenue was 324 million yuan, down 10.86% year on year. Net profit attributable to the parent company was 24.13 million yuan, down 77.09% from the same period last year. Net cash flow from operating activities was 98.12 million yuan, down 10.65% year on year. The company's asset-liability ratio was 50.65%, and gross margin was 44.91%, down 11.91 percentage points from the same period last year. Diluted earnings per share were 0.05 yuan, down 76.19% year on year.

Xinneng Technology disclosed an earnings forecast, expecting net profit attributable to the parent of 24 million yuan in the first half of 2026, down 77.22% year-on-year. Deducted non-recurring net profit is expected to be 25 million yuan, down 75.82% year-on-year. The company said the decline in performance was mainly due to lower electricity prices for large industrial users caused by market-based electricity trading, which reduced customer settlement tariffs and hurt revenue and gross profit from the photovoltaic power generation business. At the same time, increased rainy and cloudy weather in the areas where the power stations are located reduced sunlight, and the equivalent utilization hours of power generation fell to 485 hours from 536 hours in the same period last year, resulting in about 51 million kilowatt-hours less electricity generated. In addition, losses from the disposal of idle fixed assets and the reversal of deferred tax assets increased income tax expenses, further dragging down net profit.